Rus News Journal

Shareholders of the Russian Open Society UES of Russia for the first time have refused dividends

For electric power industry there is no problem more important, than to overcome deficiency of the electric power, and already operating five years` investment program it will solve. It was optimistically declared by the chairman of the board of the Russian Open Society UES of Russia Anatoly Chubays, acting yesterday at annual meeting of shareholders of the company.

the Annual meeting of shareholders of any company is traditional time of summarising of work. during the accounting period there were important events, the program of private investments is started, there are begun projects on building of such capacities necessary for the country - the head of board of directors of the Russian Open Society Alexander Voloshin has declared in the beginning of meeting. Let`s remind that scale power building is planned - for the next four years will be put into operation 40,1 GVt new capacities, and the volume investrprogrammy makes an order of 3 trillion roubles, thus, predictably, the lion`s part of means will be enclosed by the private investor.

And if in 2005 the Russian Open Society investment program UES of Russia made 2 billion dollars in 2007 will reach 20 billion dollars. I consider that 2006 was for us, certainly positive and to us is what to present to the shareholders - the head of the Russian Open Society " has declared; UES of Russia .

Anatoly Chubays has added that considers also as the basic events of the past year decision-making on the power reform closing stage. The next year within the limits of power reform realisation Russian Open Society liquidation is planned. Company reorganisation provides two stages. The first stage will come to the end by September, allocation from the Russian Open Society UES of Russia OGK - 5 and TGK - 5. The second stage is planned to finish by July, 1st of next year. By this time formation generating completely will end, network, etc. the companies on the basis of actives of the Russian Open Society and it nynegnie shareholders will receive shares in them. After reorganisation end under state control there are only a few structures - gidroogk FSK, the System operator, Joint-Stock Company InterRAO .

Also, according to Anatoly Chubays, end of formation of the wholesale and territorial generating companies, the beginning of work of new model of a wholesale and retail power market became an important result of last year. From consumers the power holding has managed to answer essential splash in demand for the electric power adequately. Electric power development has grown for last year for 4,4 percent, having made 695 billion watt - hours while last years development grew on 1,5 - 1,7 percent.

the Curious intrigue penultimate before liquidation in 2008 of power holding of annual meeting began not to pay the decision of shareholders dividends following the results of 2006. This decision was accepted for the first time in history power holding existence. The matter is that the company as a result of revaluation of the financial investments in 2006 has received net profit at the rate about 745 billion roubles. However, a lion`s part of these means (more than 717 billion roubles) - incomes revaluations, that is profit only on a paper, instead of real money. So the decision of shareholders of the Russian Open Society UES of Russia is quite natural.

answering a question on growth of tariffs for the electric power, Anatoly Chubays has noticed that last year medium height of tariffs for the electric power in the country has made 10,3 percent at actual inflation in 9 percent. Also has calmed that as well as now further for the population tariffs will be established by the state.

In the meantime

in the Spring of last year the power holding initiated working out of programs on maintenance of reliable power supply regions of peak loadings including Moscow and St.-Petersburg. This year, according to Chubays, working out of similar programs and signing of agreements with administrations of 17 regions of Russia is planned.